Net sales of New York-based G-III Apparel Group increased 10 per cent to $3.08 billion over the previous year. Net income for the fiscal year ended January 31, 2019, more than doubled reaching $138.1 million, or $2.75 per diluted share, compared to $62.1 million, or $1.25 per diluted share, in the prior year.
The company forecasts net sales will grow approximately $3.28 billion and net income will be in the range $162.0 mllion and $167.0 million, or between $3.18 and $3.28 per diluted share, iin fiscal 2020.
Morris Goldfarb, Chairman and CEO attributed this growth to its five global power brands -- DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld -- in conjunction with DKNY and Donna Karan products being created and developed in-house for the last full-year. The group’s sales have flourished since acquiring the DKNY and Donna Karan brands from LVMH in 2016, seeing double-digit growth.